Lazard Asset Management LLC Trims Position in EverQuote, Inc. $EVER

Key Points

• Lazard Asset Management cut its EverQuote stake by 45% in the first quarter, selling 405,261 shares and retaining 495,946 shares valued at approximately $7.65 million. Institutional investors collectively own 91.54% of the company.
• EverQuote reported quarterly EPS of $0.51, exceeding estimates by $0.08, while revenue of $190.85 million surpassed forecasts and rose 14.6% year over year. Shares recently traded at $25.05, with a market capitalization of about $902.6 million.
• Analysts maintain a generally favorable outlook, with six Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $24.17. Company insiders sold 57,891 shares worth approximately $1.24 million during the latest quarter.

Lazard Asset Management LLC lessened its holdings in shares of EverQuote, Inc. (NASDAQ:EVER - Free Report) by 45.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 495,946 shares of the company's stock after selling 405,261 shares during the quarter. Lazard Asset Management LLC owned approximately 1.38% of EverQuote worth $7,647,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in EVER. Comerica Bank boosted its holdings in EverQuote by 235.4% in the third quarter. Comerica Bank now owns 1,100 shares of the company's stock valued at $25,000 after acquiring an additional 772 shares in the last quarter. Signature Equity Partners LLC raised its holdings in EverQuote by 65.5% in the 1st quarter. Signature Equity Partners LLC now owns 2,127 shares of the company's stock worth $33,000 after purchasing an additional 842 shares in the last quarter. NewEdge Advisors LLC bought a new position in EverQuote in the 3rd quarter worth $52,000. Clearstead Advisors LLC lifted its position in shares of EverQuote by 70.5% in the 4th quarter. Clearstead Advisors LLC now owns 1,997 shares of the company's stock worth $54,000 after purchasing an additional 826 shares during the period. Finally, Tower Research Capital LLC TRC lifted its position in shares of EverQuote by 271.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,259 shares of the company's stock worth $79,000 after purchasing an additional 2,381 shares during the period. Hedge funds and other institutional investors own 91.54% of the company's stock.

EverQuote Stock Performance

Shares of NASDAQ EVER opened at $25.05 on Friday. The firm's 50 day moving average price is $22.55 and its 200-day moving average price is $19.48. EverQuote, Inc. has a 52-week low of $13.88 and a 52-week high of $28.73. The company has a market cap of $902.55 million, a PE ratio of 8.52 and a beta of 0.61.

EverQuote (NASDAQ:EVER - Get Free Report) last announced its quarterly earnings data on Monday, May 4th. The company reported $0.51 earnings per share for the quarter, topping analysts' consensus estimates of $0.43 by $0.08. The company had revenue of $190.85 million during the quarter, compared to analyst estimates of $180.10 million. EverQuote had a net margin of 15.35% and a return on equity of 53.39%. The firm's revenue for the quarter was up 14.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.21 EPS. On average, analysts forecast that EverQuote, Inc. will post 1.72 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on EVER. JPMorgan Chase & Co. boosted their price target on shares of EverQuote from $22.00 to $24.00 and gave the company an "overweight" rating in a research report on Tuesday, May 5th. Wall Street Zen upgraded shares of EverQuote from a "hold" rating to a "buy" rating in a report on Saturday, July 25th. Weiss Ratings raised EverQuote from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, May 15th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $25.00 target price on shares of EverQuote in a report on Tuesday, May 5th. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $24.17.

Insiders Place Their Bets

In related news, CFO Joseph Sanborn sold 6,667 shares of the stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $24.63, for a total transaction of $164,208.21. Following the sale, the chief financial officer directly owned 311,908 shares of the company's stock, valued at $7,682,294.04. This trade represents a 2.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Jon Ayotte sold 4,611 shares of the stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $24.15, for a total value of $111,355.65. Following the sale, the chief accounting officer directly owned 74,580 shares in the company, valued at $1,801,107. This trade represents a 5.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 57,891 shares of company stock valued at $1,243,447. Corporate insiders own 23.68% of the company's stock.

About EverQuote

EverQuote, Inc operates an online insurance marketplace that connects consumers with insurance providers across the United States. Founded in 2011 and headquartered in Cambridge, Massachusetts, the company leverages proprietary technology to match individuals seeking coverage with insurers offering competitive rates. Since its initial public offering in 2020, EverQuote has focused on expanding its digital platform and enhancing the efficiency of its lead-generation processes.

The company's core business centers on a quote-comparison engine for personal auto, home, and health insurance products.

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